Oceaneering Reports Fourth Quarter 2023 Results
Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2024 EBITDA and 2024 Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.
Summary of Results |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
654,629 |
|
$ |
536,223 |
|
$ |
635,180 |
|
$ |
2,424,706 |
|
$ |
2,066,084 |
|
Gross Margin |
|
|
105,629 |
|
|
90,102 |
|
|
114,697 |
|
|
398,971 |
|
|
307,377 |
|
Income (Loss) from Operations |
|
|
47,450 |
|
|
42,177 |
|
|
57,929 |
|
|
181,328 |
|
|
110,863 |
|
Net Income (Loss) |
|
|
44,529 |
|
|
23,128 |
|
|
29,812 |
|
|
97,403 |
|
|
25,941 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted Earnings (Loss) Per Share |
|
$ |
0.43 |
|
$ |
0.23 |
|
$ |
0.29 |
|
$ |
0.95 |
|
$ |
0.26 |
|
|
|
|
|
|
For the fourth quarter of 2023:
-
Net income was
$44.5 million and consolidated adjusted EBITDA was$75.1 million -
Cash flow provided by operating activities was
$153 million and free cash flow was$119 million , with an ending cash position of$462 million - 2024 debt maturity was eliminated through a series of transactions
-
Secured consolidated order intake with expected contract value of
$739 million
As of
-
Remotely Operated Vehicles (ROV): fleet count was 250; Q4 utilization was 68%; and Q4 average revenue per day on hire was
$9,618 -
Manufactured Products backlog was
$622 million -
Nearest debt maturity is
$500 million inFebruary 2028
Guidance for 2024:
-
Net income is expected in the range of
$125 million to$155 million -
Consolidated EBITDA is expected in the range of
$330 million to$380 million -
Free cash flow generation is expected in the range of
$110 million to$150 million -
Capital expenditures are expected in the range of
$110 million to$130 million -
First quarter consolidated EBITDA is expected in the range of
$50 million to$60 million
"2023 cash flow from operations increased to
“Our fourth quarter 2023 performance produced consolidated adjusted EBITDA of
Fourth Quarter 2023 Segment Results
SSR's fourth quarter revenue and adjusted EBITDA represented its best quarter in 2023. Sequentially, operating income and revenue improved slightly, with lower activity levels in the ROV and survey businesses being offset by continuing improvement in ROV pricing. As a result, SSR EBITDA margin of 32% during the fourth quarter was above the 31% achieved during the third quarter of 2023. Revenue split was 76% from the ROV business and 24% from the combined tooling and survey businesses.
ROV days on hire declined 2% as compared to the third quarter of 2023. Increased drill support days were more than offset by lower vessel-based days due to normal seasonality. Fourth quarter average ROV revenue per day on hire of
Manufactured Products revenue of
IMDS revenue and operating income were essentially flat period over period. Operating income margin of 5% for the fourth quarter was flat as compared to the third quarter of 2023.
Aerospace and Defense Technologies (ADTech) fourth quarter revenue and operating income declined from the third quarter of 2023. ADTech operating income margin declined sequentially to 12%, due to changes in project mix.
Fourth quarter 2023 Unallocated Expenses of
Full Year and First Quarter 2024 Guidance
2024 financial results are forecasted to improve year over year based on 2023 year-end backlog and continuing supportive market fundamentals. As outlined in the guidance above, EBITDA is expected to be in the range of
For the first quarter 2024, EBITDA is forecasted to be in the range of
Conference Call Details
Oceaneering has scheduled a conference call and webcast on
This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: full-year 2024 guidance ranges for net income, consolidated EBITDA, free cash flow generation, capital expenditures and Unallocated Expenses; first quarter 2024 guidance for consolidated EBITDA, operating segment revenues, operating results and operating profitability; full-year 2024 sequential activity and operating performance across each operating segment, led by SSR and OPG; expectation that liquidity will support continued business growth; expectation that 2024 will generate substantial free cash flow; assumptions regarding continued improvement in pricing and margins in the energy-focused businesses and stable pricing and margins in the government-focused businesses; expectations for improved financial performance and condition in 2024; expectations regarding new contracts; and the characterization, whether positive or otherwise, of market fundamentals, conditions and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days on hire, average ROV revenue per day on hire, vessel utilization, growth, bidding activity, outlook, performance, opportunities and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy or significant (which is used herein to indicate a change of 20% or greater).
The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
- Tables follow -
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
(in thousands) |
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets (including cash and cash equivalents of |
|
$ |
1,305,659 |
|
|
$ |
1,297,060 |
|
||||||||||||
Net property and equipment |
|
|
424,293 |
|
|
|
438,449 |
|
||||||||||||
Other assets |
|
|
509,054 |
|
|
|
296,174 |
|
||||||||||||
Total Assets |
|
$ |
2,239,006 |
|
|
$ |
2,031,683 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities |
|
$ |
732,476 |
|
|
$ |
568,414 |
|
||||||||||||
Long-term debt |
|
|
477,058 |
|
|
|
700,973 |
|
||||||||||||
Other long-term liabilities |
|
|
|
|
|
|
395,389 |
|
|
|
236,492 |
|
||||||||
Equity |
|
|
634,083 |
|
|
|
525,804 |
|
||||||||||||
Total Liabilities and Equity |
|
$ |
2,239,006 |
|
|
$ |
2,031,683 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(in thousands, except per share amounts) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
654,629 |
|
|
$ |
536,223 |
|
|
$ |
635,180 |
|
|
$ |
2,424,706 |
|
|
$ |
2,066,084 |
|
Cost of services and products |
|
|
549,000 |
|
|
|
446,121 |
|
|
|
520,483 |
|
|
|
2,025,735 |
|
|
|
1,758,707 |
|
Gross margin |
|
|
105,629 |
|
|
|
90,102 |
|
|
|
114,697 |
|
|
|
398,971 |
|
|
|
307,377 |
|
Selling, general and administrative expense |
|
|
58,179 |
|
|
|
47,925 |
|
|
|
56,768 |
|
|
|
217,643 |
|
|
|
196,514 |
|
Income (loss) from operations |
|
|
47,450 |
|
|
|
42,177 |
|
|
|
57,929 |
|
|
|
181,328 |
|
|
|
110,863 |
|
Interest income |
|
|
3,081 |
|
|
|
2,749 |
|
|
|
3,724 |
|
|
|
15,425 |
|
|
|
5,708 |
|
Interest expense |
|
|
(7,921 |
) |
|
|
(9,601 |
) |
|
|
(9,802 |
) |
|
|
(36,523 |
) |
|
|
(38,215 |
) |
Equity in income (losses) of unconsolidated affiliates |
|
|
445 |
|
|
|
599 |
|
|
|
498 |
|
|
|
2,061 |
|
|
|
1,707 |
|
Other income (expense), net |
|
|
3,564 |
|
|
|
(816 |
) |
|
|
968 |
|
|
|
(1,236 |
) |
|
|
(1,011 |
) |
Income (loss) before income taxes |
|
|
46,619 |
|
|
|
35,108 |
|
|
|
53,317 |
|
|
|
161,055 |
|
|
|
79,052 |
|
Provision (benefit) for income taxes |
|
|
2,090 |
|
|
|
11,980 |
|
|
|
23,505 |
|
|
|
63,652 |
|
|
|
53,111 |
|
Net Income (Loss) |
|
$ |
44,529 |
|
|
$ |
23,128 |
|
|
$ |
29,812 |
|
|
$ |
97,403 |
|
|
$ |
25,941 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average diluted shares outstanding |
|
|
102,366 |
|
|
|
101,597 |
|
|
|
102,206 |
|
|
|
102,156 |
|
|
|
101,447 |
|
Diluted earnings (loss) per share |
|
$ |
0.43 |
|
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
$ |
0.95 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
SEGMENT INFORMATION |
|||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
($ in thousands) |
|||||||||||||||||||
Subsea Robotics |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
199,505 |
|
|
$ |
167,387 |
|
|
$ |
197,343 |
|
|
$ |
752,521 |
|
|
$ |
621,921 |
|
Gross margin |
|
|
$ |
64,085 |
|
|
$ |
54,013 |
|
|
$ |
60,045 |
|
|
$ |
221,965 |
|
|
$ |
160,527 |
|
Operating income (loss) |
|
|
$ |
50,594 |
|
|
$ |
43,689 |
|
|
$ |
47,818 |
|
|
$ |
174,293 |
|
|
$ |
118,248 |
|
Operating income (loss) % |
|
|
|
25 |
% |
|
|
26 |
% |
|
|
24 |
% |
|
|
23 |
% |
|
|
19 |
% |
ROV days available |
|
|
|
23,000 |
|
|
|
23,000 |
|
|
|
23,000 |
|
|
|
91,250 |
|
|
|
91,250 |
|
ROV days utilized |
|
|
|
15,682 |
|
|
|
14,350 |
|
|
|
15,932 |
|
|
|
61,874 |
|
|
|
56,231 |
|
ROV utilization |
|
|
|
68 |
% |
|
|
62 |
% |
|
|
69 |
% |
|
|
68 |
% |
|
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Manufactured Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
132,994 |
|
|
$ |
100,174 |
|
|
$ |
122,877 |
|
|
$ |
493,692 |
|
|
$ |
382,361 |
|
Gross margin |
|
|
$ |
13,923 |
|
|
$ |
14,744 |
|
|
$ |
16,916 |
|
|
$ |
69,613 |
|
|
$ |
45,834 |
|
Operating income (loss) |
|
|
$ |
5,435 |
|
|
$ |
6,132 |
|
|
$ |
8,229 |
|
|
$ |
35,551 |
|
|
$ |
11,692 |
|
Operating income (loss) % |
|
|
|
4 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
7 |
% |
|
|
3 |
% |
Backlog at end of period |
|
|
$ |
622,000 |
|
|
$ |
467,000 |
|
|
$ |
556,000 |
|
|
$ |
622,000 |
|
|
$ |
467,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
161,239 |
|
|
$ |
122,476 |
|
|
$ |
150,273 |
|
|
$ |
546,366 |
|
|
$ |
489,317 |
|
Gross margin |
|
|
$ |
26,269 |
|
|
$ |
17,548 |
|
|
$ |
33,045 |
|
|
$ |
96,940 |
|
|
$ |
78,373 |
|
Operating income (loss) |
|
|
$ |
15,155 |
|
|
$ |
10,745 |
|
|
$ |
26,745 |
|
|
$ |
64,546 |
|
|
$ |
49,256 |
|
Operating income (loss) % |
|
|
|
9 |
% |
|
|
9 |
% |
|
|
18 |
% |
|
|
12 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Integrity Management & Digital Solutions |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
65,977 |
|
|
$ |
55,411 |
|
|
$ |
66,056 |
|
|
$ |
255,282 |
|
|
$ |
229,884 |
|
Gross margin |
|
|
$ |
9,914 |
|
|
$ |
9,932 |
|
|
$ |
9,961 |
|
|
$ |
38,988 |
|
|
$ |
36,724 |
|
Operating income (loss) |
|
|
$ |
3,205 |
|
|
$ |
4,866 |
|
|
$ |
3,242 |
|
|
$ |
13,373 |
|
|
$ |
14,901 |
|
Operating income (loss) % |
|
|
|
5 |
% |
|
|
9 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aerospace and Defense Technologies |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
94,914 |
|
|
$ |
90,775 |
|
|
$ |
98,631 |
|
|
$ |
376,845 |
|
|
$ |
342,601 |
|
Gross margin |
|
|
$ |
17,350 |
|
|
$ |
16,402 |
|
|
$ |
20,295 |
|
|
$ |
70,420 |
|
|
$ |
68,447 |
|
Operating income (loss) |
|
|
$ |
11,010 |
|
|
$ |
10,320 |
|
|
$ |
14,140 |
|
|
$ |
45,003 |
|
|
$ |
44,168 |
|
Operating income (loss) % |
|
|
|
12 |
% |
|
|
11 |
% |
|
|
14 |
% |
|
|
12 |
% |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unallocated Expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross margin |
|
|
$ |
(25,912 |
) |
|
$ |
(22,537 |
) |
|
$ |
(25,565 |
) |
|
$ |
(98,955 |
) |
|
$ |
(82,528 |
) |
Operating income (loss) |
|
|
$ |
(37,949 |
) |
|
$ |
(33,575 |
) |
|
$ |
(42,245 |
) |
|
$ |
(151,438 |
) |
|
$ |
(127,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
|
$ |
654,629 |
|
|
$ |
536,223 |
|
|
$ |
635,180 |
|
|
$ |
2,424,706 |
|
|
$ |
2,066,084 |
|
Gross margin |
|
|
$ |
105,629 |
|
|
$ |
90,102 |
|
|
$ |
114,697 |
|
|
$ |
398,971 |
|
|
$ |
307,377 |
|
Operating income (loss) |
|
|
$ |
47,450 |
|
|
$ |
42,177 |
|
|
$ |
57,929 |
|
|
$ |
181,328 |
|
|
$ |
110,863 |
|
Operating income (loss) % |
|
|
|
7 |
% |
|
|
8 |
% |
|
|
9 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|||||||||||||||||||||
The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations. |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW INFORMATION |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
(in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Expenditures, including Acquisitions |
|
|
$ |
34,045 |
|
$ |
25,949 |
|
$ |
25,945 |
|
$ |
100,726 |
|
$ |
81,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Energy Services and Products |
|
|
|
|
|
|
|
|
|
|
|
|||||
Subsea Robotics |
|
|
$ |
13,264 |
|
$ |
15,139 |
|
$ |
12,805 |
|
$ |
54,365 |
|
$ |
67,684 |
Manufactured Products |
|
|
|
3,096 |
|
|
2,915 |
|
|
3,067 |
|
|
12,220 |
|
|
11,946 |
|
|
|
|
6,921 |
|
|
7,024 |
|
|
6,931 |
|
|
27,956 |
|
|
28,560 |
Integrity Management & Digital Solutions |
|
|
|
902 |
|
|
840 |
|
|
909 |
|
|
3,608 |
|
|
4,599 |
Total Energy Services and Products |
|
|
|
24,183 |
|
|
25,918 |
|
|
23,712 |
|
|
98,149 |
|
|
112,789 |
Aerospace and Defense Technologies |
|
|
|
619 |
|
|
705 |
|
|
600 |
|
|
2,504 |
|
|
2,853 |
Unallocated Expenses |
|
|
|
695 |
|
|
1,218 |
|
|
1,284 |
|
|
4,307 |
|
|
5,327 |
Total Depreciation and Amortization |
|
|
$ |
25,497 |
|
$ |
27,841 |
|
$ |
25,596 |
|
$ |
104,960 |
|
$ |
120,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
In addition to financial results determined in accordance with
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
For the Three Months Ended |
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
Net Income
|
|
Diluted EPS |
|
Net Income
|
|
Diluted EPS |
|
Net Income
|
|
Diluted EPS |
|
|||||||||
|
|
(in thousands, except per share amounts) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net income (loss) and diluted EPS as reported in accordance with GAAP |
|
$ |
44,529 |
|
|
$ |
0.43 |
|
$ |
23,128 |
|
|
$ |
0.23 |
|
$ |
29,812 |
|
|
$ |
0.29 |
|
Pre-tax adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency (gains) losses |
|
|
(2,275 |
) |
|
|
|
|
193 |
|
|
|
|
|
(944 |
) |
|
|
|
|||
Total pre-tax adjustments |
|
|
(2,275 |
) |
|
|
|
|
193 |
|
|
|
|
|
(944 |
) |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods |
|
|
851 |
|
|
|
|
|
(333 |
) |
|
|
|
|
615 |
|
|
|
|
|||
Discrete tax items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Share-based compensation |
|
|
(58 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|||
Uncertain tax positions |
|
|
(2,036 |
) |
|
|
|
|
(669 |
) |
|
|
|
|
13,076 |
|
|
|
|
|||
Valuation allowances |
|
|
(20,350 |
) |
|
|
|
|
(7,679 |
) |
|
|
|
|
9,353 |
|
|
|
|
|||
Other |
|
|
(1,230 |
) |
|
|
|
|
(8,263 |
) |
|
|
|
|
(13,430 |
) |
|
|
|
|||
Total discrete tax adjustments |
|
|
(23,674 |
) |
|
|
|
|
(16,611 |
) |
|
|
|
|
8,999 |
|
|
|
|
|||
Total of adjustments |
|
|
(25,098 |
) |
|
|
|
|
(16,751 |
) |
|
|
|
|
8,670 |
|
|
|
|
|||
Adjusted Net Income (Loss) |
|
$ |
19,431 |
|
|
$ |
0.19 |
|
$ |
6,377 |
|
|
$ |
0.06 |
|
$ |
38,482 |
|
|
$ |
0.38 |
|
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) |
|
|
|
|
102,366 |
|
|
|
|
101,597 |
|
|
|
|
102,206 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
For the Year Ended |
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
Net Income
|
|
Diluted EPS |
|
Net Income
|
|
Diluted EPS |
|
|||||||||
|
|
|
|
|
|
(in thousands, except per share amounts) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net income (loss) and diluted EPS as reported in accordance with GAAP |
|
|
|
|
|
$ |
97,403 |
|
|
$ |
0.95 |
|
$ |
25,941 |
|
|
$ |
0.26 |
|
|||
Pre-tax adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency (gains) losses |
|
|
|
|
|
|
1,359 |
|
|
|
|
|
4 |
|
|
|
|
|||||
Total pre-tax adjustments |
|
|
|
|
|
|
1,359 |
|
|
|
|
|
4 |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods |
|
|
|
|
|
|
(837 |
) |
|
|
|
|
(275 |
) |
|
|
|
|||||
Discrete tax items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Share-based compensation |
|
|
|
|
|
|
(1,428 |
) |
|
|
|
|
137 |
|
|
|
|
|||||
Uncertain tax positions |
|
|
|
|
|
|
15,441 |
|
|
|
|
|
(81 |
) |
|
|
|
|||||
Valuation allowances |
|
|
|
|
|
|
(16,099 |
) |
|
|
|
|
11,119 |
|
|
|
|
|||||
Other |
|
|
|
|
|
|
(13,890 |
) |
|
|
|
|
(5,734 |
) |
|
|
|
|||||
Total discrete tax adjustments |
|
|
|
|
|
|
(15,976 |
) |
|
|
|
|
5,441 |
|
|
|
|
|||||
Total of adjustments |
|
|
|
|
|
|
(15,454 |
) |
|
|
|
|
5,170 |
|
|
|
|
|||||
Adjusted Net Income (Loss) |
|
|
|
|
|
$ |
81,949 |
|
|
$ |
0.80 |
|
$ |
31,111 |
|
|
$ |
0.31 |
|
|||
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) |
|
|
|
|
|
|
|
|
102,156 |
|
|
|
|
101,447 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBITDA and Adjusted EBITDA and Margins |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
($ in thousands) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
|
$ |
44,529 |
|
|
$ |
23,128 |
|
|
$ |
29,812 |
|
|
$ |
97,403 |
|
|
$ |
25,941 |
|
Depreciation and amortization |
|
|
25,497 |
|
|
|
27,841 |
|
|
|
25,596 |
|
|
|
104,960 |
|
|
|
120,969 |
|
Subtotal |
|
|
70,026 |
|
|
|
50,969 |
|
|
|
55,408 |
|
|
|
202,363 |
|
|
|
146,910 |
|
Interest expense, net of interest income |
|
|
4,840 |
|
|
|
6,852 |
|
|
|
6,078 |
|
|
|
21,098 |
|
|
|
32,507 |
|
Amortization included in interest expense |
|
|
460 |
|
|
|
33 |
|
|
|
51 |
|
|
|
574 |
|
|
|
106 |
|
Provision (benefit) for income taxes |
|
|
2,090 |
|
|
|
11,980 |
|
|
|
23,505 |
|
|
|
63,652 |
|
|
|
53,111 |
|
EBITDA |
|
|
77,416 |
|
|
|
69,834 |
|
|
|
85,042 |
|
|
|
287,687 |
|
|
|
232,634 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency (gains) losses |
|
|
(2,275 |
) |
|
|
193 |
|
|
|
(944 |
) |
|
|
1,359 |
|
|
|
4 |
|
Total of adjustments |
|
|
(2,275 |
) |
|
|
193 |
|
|
|
(944 |
) |
|
|
1,359 |
|
|
|
4 |
|
Adjusted EBITDA |
|
$ |
75,141 |
|
|
$ |
70,027 |
|
|
$ |
84,098 |
|
|
$ |
289,046 |
|
|
$ |
232,638 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
654,629 |
|
|
$ |
536,223 |
|
|
$ |
635,180 |
|
|
$ |
2,424,706 |
|
|
$ |
2,066,084 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBITDA margin % |
|
|
12 |
% |
|
|
13 |
% |
|
|
13 |
% |
|
|
12 |
% |
|
|
11 |
% |
Adjusted EBITDA margin % |
|
|
11 |
% |
|
|
13 |
% |
|
|
13 |
% |
|
|
12 |
% |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(in thousands) |
||||||||||||||||||
Net Income (loss) |
|
$ |
44,529 |
|
|
$ |
23,128 |
|
|
$ |
29,812 |
|
|
$ |
97,403 |
|
|
$ |
25,941 |
|
Non-cash adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
|
25,497 |
|
|
|
27,841 |
|
|
|
25,596 |
|
|
|
104,960 |
|
|
|
120,969 |
|
Other non-cash |
|
|
(22,486 |
) |
|
|
2,991 |
|
|
|
6,381 |
|
|
|
(13,370 |
) |
|
|
8,542 |
|
Other increases (decreases) in cash from operating activities |
|
|
105,275 |
|
|
|
105,506 |
|
|
|
17,819 |
|
|
|
20,962 |
|
|
|
(34,569 |
) |
Cash flow provided by (used in) operating activities |
|
|
152,815 |
|
|
|
159,466 |
|
|
|
79,608 |
|
|
|
209,955 |
|
|
|
120,883 |
|
Purchases of property and equipment |
|
|
(34,045 |
) |
|
|
(25,949 |
) |
|
|
(25,945 |
) |
|
|
(100,726 |
) |
|
|
(81,043 |
) |
Free Cash Flow |
|
$ |
118,770 |
|
|
$ |
133,517 |
|
|
$ |
53,663 |
|
|
$ |
109,229 |
|
|
$ |
39,840 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 EBITDA Estimates |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
For the Three Months Ending |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Low |
|
High |
||||||||||
|
|
|
|
|
|
|
|
(in thousands) |
||||||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
$ |
18,000 |
|
|
$ |
26,000 |
|
||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
25,000 |
|
|
|
26,000 |
|
||||||
Subtotal |
|
|
|
|
|
|
|
|
43,000 |
|
|
|
52,000 |
|
||||||
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
7,000 |
|
|
|
8,000 |
|
||||||
EBITDA |
|
|
|
|
|
|
|
$ |
50,000 |
|
|
$ |
60,000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
For the Year Ending |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Low |
|
High |
||||||||||
|
|
|
|
|
|
|
|
(in thousands) |
||||||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
$ |
206,000 |
|
|
$ |
242,000 |
|
||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
100,000 |
|
|
|
110,000 |
|
||||||
Subtotal |
|
|
|
|
|
|
|
|
306,000 |
|
|
|
352,000 |
|
||||||
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
24,000 |
|
|
|
28,000 |
|
||||||
EBITDA |
|
|
|
|
|
|
|
$ |
330,000 |
|
|
$ |
380,000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 Free Cash Flow Estimate |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
For the Year Ending |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Low |
|
High |
||||||||||
|
|
|
|
|
|
|
|
(in thousands) |
||||||||||||
Net income (loss) |
|
|
|
|
|
|
|
$ |
125,000 |
|
|
$ |
155,000 |
|
||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
100,000 |
|
|
|
110,000 |
|
||||||
Other increases (decreases) in cash from operating activities |
|
|
|
|
|
|
(5,000 |
) |
|
|
15,000 |
|
||||||||
Cash flow provided by (used in) operating activities |
|
|
|
|
|
|
220,000 |
|
|
|
280,000 |
|
||||||||
Purchases of property and equipment |
|
|
|
|
|
|
|
|
(110,000 |
) |
|
|
(130,000 |
) |
||||||
Free Cash Flow |
|
|
|
|
|
|
|
$ |
110,000 |
|
|
$ |
150,000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
50,594 |
|
|
$ |
5,435 |
|
|
$ |
15,155 |
|
|
$ |
3,205 |
|
|
$ |
11,010 |
|
|
$ |
(37,949 |
) |
|
$ |
47,450 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
13,264 |
|
|
|
3,096 |
|
|
|
6,921 |
|
|
|
902 |
|
|
|
619 |
|
|
|
695 |
|
|
|
25,497 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,469 |
|
|
|
4,469 |
|
EBITDA |
|
|
63,858 |
|
|
|
8,531 |
|
|
|
22,076 |
|
|
|
4,107 |
|
|
|
11,629 |
|
|
|
(32,785 |
) |
|
|
77,416 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,275 |
) |
|
|
(2,275 |
) |
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,275 |
) |
|
|
(2,275 |
) |
Adjusted EBITDA |
|
$ |
63,858 |
|
|
$ |
8,531 |
|
|
$ |
22,076 |
|
|
$ |
4,107 |
|
|
$ |
11,629 |
|
|
$ |
(35,060 |
) |
|
$ |
75,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
199,505 |
|
|
$ |
132,994 |
|
|
$ |
161,239 |
|
|
$ |
65,977 |
|
|
$ |
94,914 |
|
|
|
|
$ |
654,629 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
25 |
% |
|
|
4 |
% |
|
|
9 |
% |
|
|
5 |
% |
|
|
12 |
% |
|
|
|
|
7 |
% |
||
EBITDA Margin |
|
|
32 |
% |
|
|
6 |
% |
|
|
14 |
% |
|
|
6 |
% |
|
|
12 |
% |
|
|
|
|
12 |
% |
||
Adjusted EBITDA Margin |
|
|
32 |
% |
|
|
6 |
% |
|
|
14 |
% |
|
|
6 |
% |
|
|
12 |
% |
|
|
|
|
11 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
43,689 |
|
|
$ |
6,132 |
|
|
$ |
10,745 |
|
|
$ |
4,866 |
|
|
$ |
10,320 |
|
|
$ |
(33,575 |
) |
|
$ |
42,177 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
15,139 |
|
|
|
2,915 |
|
|
|
7,024 |
|
|
|
840 |
|
|
|
705 |
|
|
|
1,218 |
|
|
|
27,841 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(184 |
) |
|
|
(184 |
) |
EBITDA |
|
|
58,828 |
|
|
|
9,047 |
|
|
|
17,769 |
|
|
|
5,706 |
|
|
|
11,025 |
|
|
|
(32,541 |
) |
|
|
69,834 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
193 |
|
|
|
193 |
|
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
193 |
|
|
|
193 |
|
Adjusted EBITDA |
|
$ |
58,828 |
|
|
$ |
9,047 |
|
|
$ |
17,769 |
|
|
$ |
5,706 |
|
|
$ |
11,025 |
|
|
$ |
(32,348 |
) |
|
$ |
70,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
167,387 |
|
|
$ |
100,174 |
|
|
$ |
122,476 |
|
|
$ |
55,411 |
|
|
$ |
90,775 |
|
|
|
|
$ |
536,223 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
26 |
% |
|
|
6 |
% |
|
|
9 |
% |
|
|
9 |
% |
|
|
11 |
% |
|
|
|
|
8 |
% |
||
EBITDA Margin |
|
|
35 |
% |
|
|
9 |
% |
|
|
15 |
% |
|
|
10 |
% |
|
|
12 |
% |
|
|
|
|
13 |
% |
||
Adjusted EBITDA Margin |
|
|
35 |
% |
|
|
9 |
% |
|
|
15 |
% |
|
|
10 |
% |
|
|
12 |
% |
|
|
|
|
13 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
47,818 |
|
|
$ |
8,229 |
|
|
$ |
26,745 |
|
|
$ |
3,242 |
|
|
$ |
14,140 |
|
|
$ |
(42,245 |
) |
|
$ |
57,929 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
12,805 |
|
|
|
3,067 |
|
|
|
6,931 |
|
|
|
909 |
|
|
|
600 |
|
|
|
1,284 |
|
|
|
25,596 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,517 |
|
|
|
1,517 |
|
EBITDA |
|
|
60,623 |
|
|
|
11,296 |
|
|
|
33,676 |
|
|
|
4,151 |
|
|
|
14,740 |
|
|
|
(39,444 |
) |
|
|
85,042 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(944 |
) |
|
|
(944 |
) |
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(944 |
) |
|
|
(944 |
) |
Adjusted EBITDA |
|
$ |
60,623 |
|
|
$ |
11,296 |
|
|
$ |
33,676 |
|
|
$ |
4,151 |
|
|
$ |
14,740 |
|
|
$ |
(40,388 |
) |
|
$ |
84,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
197,343 |
|
|
$ |
122,877 |
|
|
$ |
150,273 |
|
|
$ |
66,056 |
|
|
$ |
98,631 |
|
|
|
|
$ |
635,180 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
24 |
% |
|
|
7 |
% |
|
|
18 |
% |
|
|
5 |
% |
|
|
14 |
% |
|
|
|
|
9 |
% |
||
EBITDA Margin |
|
|
31 |
% |
|
|
9 |
% |
|
|
22 |
% |
|
|
6 |
% |
|
|
15 |
% |
|
|
|
|
13 |
% |
||
Adjusted EBITDA Margin |
|
|
31 |
% |
|
|
9 |
% |
|
|
22 |
% |
|
|
6 |
% |
|
|
15 |
% |
|
|
|
|
13 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA and Margins by Segment |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
For the Year Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
174,293 |
|
|
$ |
35,551 |
|
|
$ |
64,546 |
|
|
$ |
13,373 |
|
|
$ |
45,003 |
|
|
$ |
(151,438 |
) |
|
$ |
181,328 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
54,365 |
|
|
|
12,220 |
|
|
|
27,956 |
|
|
|
3,608 |
|
|
|
2,504 |
|
|
|
4,307 |
|
|
|
104,960 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,399 |
|
|
|
1,399 |
|
EBITDA |
|
|
228,658 |
|
|
|
47,771 |
|
|
|
92,502 |
|
|
|
16,981 |
|
|
|
47,507 |
|
|
|
(145,732 |
) |
|
|
287,687 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,359 |
|
|
|
1,359 |
|
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,359 |
|
|
|
1,359 |
|
Adjusted EBITDA |
|
$ |
228,658 |
|
|
$ |
47,771 |
|
|
$ |
92,502 |
|
|
$ |
16,981 |
|
|
$ |
47,507 |
|
|
$ |
(144,373 |
) |
|
$ |
289,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
752,521 |
|
|
$ |
493,692 |
|
|
$ |
546,366 |
|
|
$ |
255,282 |
|
|
$ |
376,845 |
|
|
|
|
$ |
2,424,706 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
23 |
% |
|
|
7 |
% |
|
|
12 |
% |
|
|
5 |
% |
|
|
12 |
% |
|
|
|
|
7 |
% |
||
EBITDA Margin |
|
|
30 |
% |
|
|
10 |
% |
|
|
17 |
% |
|
|
7 |
% |
|
|
13 |
% |
|
|
|
|
12 |
% |
||
Adjusted EBITDA Margin |
|
|
30 |
% |
|
|
10 |
% |
|
|
17 |
% |
|
|
7 |
% |
|
|
13 |
% |
|
|
|
|
12 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Year Ended |
||||||||||||||||||||||||||
|
|
SSR |
|
MP |
|
OPG |
|
IMDS |
|
ADTech |
|
Unallocated
|
|
Total |
||||||||||||||
|
|
($ in thousands) |
||||||||||||||||||||||||||
Operating Income (Loss) as reported in accordance with GAAP |
|
$ |
118,248 |
|
|
$ |
11,692 |
|
|
$ |
49,256 |
|
|
$ |
14,901 |
|
|
$ |
44,168 |
|
|
$ |
(127,402 |
) |
|
$ |
110,863 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization |
|
|
67,684 |
|
|
|
11,946 |
|
|
|
28,560 |
|
|
|
4,599 |
|
|
|
2,853 |
|
|
|
5,327 |
|
|
|
120,969 |
|
Other pre-tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
802 |
|
|
|
802 |
|
EBITDA |
|
|
185,932 |
|
|
|
23,638 |
|
|
|
77,816 |
|
|
|
19,500 |
|
|
|
47,021 |
|
|
|
(121,273 |
) |
|
|
232,634 |
|
Adjustments for the effects of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency (gains) losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Total of adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
Adjusted EBITDA |
|
$ |
185,932 |
|
|
$ |
23,638 |
|
|
$ |
77,816 |
|
|
$ |
19,500 |
|
|
$ |
47,021 |
|
|
$ |
(121,269 |
) |
|
$ |
232,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue |
|
$ |
621,921 |
|
|
$ |
382,361 |
|
|
$ |
489,317 |
|
|
$ |
229,884 |
|
|
$ |
342,601 |
|
|
|
|
$ |
2,066,084 |
|
||
Operating income (loss) % as reported in accordance with GAAP |
|
|
19 |
% |
|
|
3 |
% |
|
|
10 |
% |
|
|
6 |
% |
|
|
13 |
% |
|
|
|
|
5 |
% |
||
EBITDA Margin |
|
|
30 |
% |
|
|
6 |
% |
|
|
16 |
% |
|
|
8 |
% |
|
|
14 |
% |
|
|
|
|
11 |
% |
||
Adjusted EBITDA Margin |
|
|
30 |
% |
|
|
6 |
% |
|
|
16 |
% |
|
|
8 |
% |
|
|
14 |
% |
|
|
|
|
11 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222361421/en/
investorrelations@oceaneering.com
Senior Director, Investor Relations
713-329-4755
Vice President, Corporate Development and Investor Relations
713-329-4507
Source: